Need a Mortgage in October? 🏡

Following last month’s interest rate hold – Fixed Rate Mortgages are finally dropping! 👏

Until perhaps within 48 hours of the Bank of England’s decision to freeze interest rates the week before last, it looked like we were in for yet another increase in the base rate. However, everything changed at the last minute with some unexpectedly positive news on inflation and although it was a close vote (5-4), the Governor Andrew Bailey had the casting vote and we got “no change”.

The interesting thing however is that Lenders had been “pricing in” a rate rise and when it didn’t come, we saw an immediate reduction in some of their fixed rate offerings. Indeed, we are now down a good 1% from the peaks we saw a few short months ago.

If you have been putting your plans to move on hold waiting for rates to drop, then it’s now time to re-engage with us and see how your monthly payments will be affected. It looks like the peak has been reached and we should now see some of the pent-up demand in the market come to fruition.

Written by
Malcolm Davidson
Managing Director of UK Moneyman Ltd.
MAQ & CeRER Qualified

27th November 2023

About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

Learn More